The candidate assured that he will allocate funds to ______________ the dilapidated temple once he gets elected.

(A) relinquish
(B) revamp
(C) renovate
(D) reminiscent

From the sentence, it can be inferred that the temple is in a dilapidated (worn out) stage. Therefore, the word used to fill must address this issue (like renovating).

Clearly, renovate can take up the blank.
Relinquish means to give up voluntarily. This word cannot be used to fill the blank as it does not fit in with the context of the sentence.
Reminiscent means to remember. Therefore, we can eliminate this word too.
Revamp means to renovate. Therefore, renovate and revamp can fill the blank. Therefore, option A is the right answer.